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Global Stocks Rise as U.S., Mexico Near Trade Deal
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Former President Da Silva Barred From Contesting For President
A former metalworker and union leader, he rose through the political ranks to serve two terms as president between 2003 and 2011. He also accused political opponents of convicting him without evidence in an attempt to take him out of the election.

Petrol and diesel prices in the country touched their highest levels Monday mainly due to fall in rupee and a sharp rise in crude oil rates. According to a price notification of state-owned fuel retailers, petrol price was on Tuesday hiked by 16 paise per litre and diesel by 19 paise.

The rupee on Tuesday slumped to 16 paise against the dollar to trade at a lifetime low of 71.37 on strong demand for the USA currency. Brent crude oil is now priced over $78 per barrel. Apart from crude oil prices in the worldwide market and the weakening rupee, one of the factors affecting fuel prices is the high value added tax (VAT) in the state of Maharashtra.

In its statement the department of energy said it was aware that the sustained price increases of the past few months had put consumers under pressure, and had chose to intervene temporarily for this month - but that it was a "once off temporary intervention" to provide some relief against fuel price hikes. "Secondly, global currencies have weakened against the U.S. dollar", Pradhan had said in Surat. "Public is unhappy with the rising fuel prices".

"The government can not disturb fiscal maths by cutting excise duty", he said.

External factors: The exchange rate - that is the price of the dollar vs the rand. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. "We can not reduce defence expenditure or interest payments if we decide to cut excise of petrol and diesel", the official explained.